Wyoming Economic Report for 4Q20

Wyoming’s economy continued to rebound in the fourth quarter of 2020, as in the rest of the country, although the slow recovery in the state’s oil and gas industries are slowing the state’s overall economic improvement.

That’s according to Dr. Wenlin Liu, Chief Economist with the state of Wyoming, Economic Analysis Division.

In the latest edition of the quarterly Wyoming Economic Summary Report, economic indicators including employment by industry, income, housing, taxable sales, tourism, agriculture, and selected revenue are discussed and graphically illustrated.

Liu said, “Taxable sales in the fourth quarter of 2020 declined 9.3% from the fourth quarter of 2019. The leading contributor for the poor performance was the substantial decline in the mineral extraction industry which contracted nearly historical 63.1 percent in a year-over-year comparison.”

Locally, taxable sales in Johnson County show a 9.3% drop from 4Q19 to 4Q20, while Sheridan County increased by 9.6% during the same time.

Campbell County logged a 31.4% decrease during the 12-month period.

Liu continued, saying “Wyoming’s total personal income increased only 0.4% annually in the fourth quarter of 2020, affected by the significant declines in earnings in the mining industry (-26.7%). However, the increases in personal transfer receipts (government payment from the CARES Act) more than offset decreases in workers’ earnings.”

Visitation to Yellowstone and Grand Teton National Parks were the highest recorded in the fourth quarter.

Home values continue an upward trend driven by high demand and low mortgage rates.

To view the entire report, click here:

http://eadiv.state.wy.us/wef/Economic_Summary4Q20.pdf